Part of the technical competence of most experienced accounting and finance professionals is the ability to advise owners of S corporations and partnerships or multiple-member LLCs treated as partnerships regarding the tax rules that apply when these entities liquidate. Entity liquidations do not occur every day; but they do occur, and often at very critical times in the business life of the entity and its owners.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
Any accounting or finance professional who wishes to understand the rules regarding S corporation and partnership liquidations
BENEFITS
- Determine the gain or loss to the entity and to the owners when it makes a liquidating distribution
- Determine the basis of property distributed in a liquidating distribution to an owner of the entity
- Know what to do in terms of IRS reporting when an entity liquidates
HIGHLIGHTS
- Tax rules governing liquidation of a partnership or S corporation
- Tax treatment of the shareholder/partner/member receiving a liquidating distribution in an S corporation liquidation/partnership liquidation
- Tax impact on the pass-through entity when the entity is liquidated
- Receipt of corporate liabilities in an S corporation distribution
- Proportionate, liquidating partnership distributions to partners, and gains and losses to a partner on a liquidating partnership distribution
- Tax issues associated with a partnership distribution of noncash properties in a liquidation
- Compliance requirements on the occasion of a liquidation of a corporation or a partnership
PREREQUISITES
Basic understanding of the tax rules impacting individuals and pass-through entities
ADVANCE PREPARATION
None
ADDITIONAL NOTES